Note: Estimates appear in italics. All performance data is since program inception.

Strategy Description

QFIT is designed to hedge fixed income downturns using a similar trade filtering methodology as the Quest Equity Hedge program in relation to the US 10Y bond contract. QFIT is based on the Quest Tracker Index replicator strategy. QFIT positions Beta to the US 10Y bond constrained to vary in the 0.0 to -1.5 range.

Performance Statistics

Date Range: 10/13 - 04/19

Program

S&P 500

Altegris 40

Total Return

-3.31%

96.55%

18.94%

Annualized Return

-0.61%

12.87%

3.16%

Annualized Std. Deviation

3.99%

11.01%

8.48%

Correlation

0.40

0.30

Sharpe Ratio (rf=2.5%)

-0.78

0.94

0.08

Worst Month

-2.44%

-9.03%

-6.10%

Date of Worst Month

10/2018

12/2018

02/2018

Worst Drawdown

-9.64%

-13.52%

-13.63%

Date of Worst Drawdown

5/15 - 9/16

9/18 - 12/18

3/15 - 1/19

Note: Estimates appear in italics. All performance data is since program inception.

Annual Performance (%)

Date Range: 10/13 - 04/19

Year or YTD

Program

S&P 500

Altegris 40

2019

0.68

18.24

5.17

2018

-4.15

-4.38

-4.29

2017

-0.14

21.84

1.24

2016

0.91

11.98

-3.13

2015

-3.09

1.41

0.09

2014

0.70

13.69

15.75

2013

1.90

5.66

1.67

Note: Estimates appear in italics. All performance data is since program inception.

There are substantial risks and conflicts of interests associated with Managed Futures and commodities accounts, and you should only invest risk capital. The success of an investment is dependent
upon the ability of a commodity trading advisor (CTA) to identify profitable investment opportunities and successfully trade. The identification of attractive trading opportunities is difficult, requires skill,
and involves a significant degree of uncertainty. CTAs have total trading authority, and the use of a single CTA could mean a lack of diversification and higher risk. The high degree of leverage often obtainable
in commodity trading can work against you as well as for you, and can lead to large losses as well as gains. Returns generated from a CTA’s trading, if any, may not adequately compensate you
for the business and financial risks you assume. You can lose all or a substantial amount of your investment. If you use notional funding, you may lose more than your initial cash investment. Managed
Futures and commodities accounts may be subject to substantial charges for management and advisory fees. It may be necessary for accounts that are subject to these charges to make substantial
trading profits in order to avoid depletion or exhaustion of their assets. The disclosure document contains a complete description of each fee to be charged to your account by a CTA. CTAs may trade
highly illiquid markets, or on foreign markets, and may not be able to close or offset positions immediately upon request. You may have market exposure even after the CTA has a request for closure or
liquidation. PAST RESULTS ARE NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.